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Health Insurance Tax Deduction For S Corporation Owners; Don’t Make This Mistake If You Want This Valuable Tax Deduction

When your S corporation covers or reimburses your more-than-2-percent-shareholder-employee health insurance expenses, it classifies the payments as box 1 W-2 wages but not box 3 or box 5 wages. When calculating the amount eligible for the Form 1040 self-employed health insurance deduction, you must use your Medicare wages (listed in box 5 of Form W-2)

July 13, 2023 No Comments

NFT Taxation; Important New Rules

Did you buy, sell, donate, or receive an NFT during the tax year? If so, you must answer “yes” to the digital assets question on page one of the IRS Form 1040. Additionally, if you have sold an NFT, you could be liable for tax or eligible for a deductible loss. If you are unsure

July 11, 2023 No Comments

IRA to HSA Rollover; Take Advantage To Save Major Taxes

Health Savings Accounts (HSAs) are designed for use alongside high-deductible health plans, assisting you in covering your medical expenses. They can also function as an incredible retirement account due to their triple tax benefit: You can deduct contributions from your taxes. Your account balance grows without being taxed. Withdrawals for medical expenses are tax-free. And

July 7, 2023 No Comments

Business Gym Tax Deduction Guidance

I know you have been thinking about employee fitness and possibly a gym or other athletic facility. To be tax deductible, your gym or other athletic facilities must be primarily for the benefit of your employees—other than employees who are officers, shareholders, or other owners who own a 10 percent or greater interest in the

July 5, 2023 No Comments

Tax Free Education Benefits For Your Children; Hire Them As Employees In Your Business

If your children work in your business, consider giving them education fringe benefits. Doing this right creates tax deductions for the business, and tax-free fringe education benefits for the child. You can accomplish this without a Section 127 plan when your child needs the education to do the job for your business or comply with

June 30, 2023 No Comments

Deduct Bad Debts On Your Taxes; Important Rules To Follow

The current economic climate makes this a good time to focus on bad debt losses. As an individual taxpayer, deducting bad debt losses has always been controversial with the IRS. To claim the deduction, you must first establish that the loss was from a bona fide loan transaction that went wrong. So be alert. Avoid

June 28, 2023 No Comments

Health Insurance Tax Deduction For S Corporation Owners; Don’t Make This Mistake If You Want This Valuable Tax Deduction

NFT Taxation; Important New Rules

IRA to HSA Rollover; Take Advantage To Save Major Taxes

Business Gym Tax Deduction Guidance

Tax Free Education Benefits For Your Children; Hire Them As Employees In Your Business

Deduct Bad Debts On Your Taxes; Important Rules To Follow

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